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StumbleStrip gaming win sees smallest decline since June 2008
Published Tuesday, Nov. 10, 2009 | 7:38 a.m.
Updated Tuesday, Nov. 10, 2009 | 9:49 a.m.
CARSON CITY – For the 21st straight month gambling winnings on the Las Vegas Strip fell in September, but state officials saw some signs of hope in revenue figures.
The state Gaming Control Board reported that Strip casinos won $506.3 million, down 3.5 percent from the same month of 2008. But it was the smallest decline since June 2008, when the drop was 3 percent.
Statewide, casinos won $911.1 million, a decrease of 8.9 percent. Every major market showed a decline. It was the also the 21st consecutive month of a drop in gross win for the 252 casinos.
It was also the first month since March that gaming win has exceeded $900 million, officials said.
On the Strip there were increased winnings, computed before taxes and expenses, in craps, roulette and baccarat and a jump in the sports pool. September was the first full month of betting on college and pro football this season. The Mayweather-Marquez fight at the MGM on Sept. 19 also helped the Strip bring in some high play business.
Frank Streshley, chief of tax and licensing for the board, said it was a “favorable calendar month” with all of the Labor Day holiday falling in September. In September 2008, two of the weekend Labor Day holidays fell in August.
The board said winnings in downtown Las Vegas fell to $44.7 million, off 8.6 percent; North Las Vegas was off 8 percent to $24 million; Laughlin casinos fell 12.1 percent to $39 million; Boulder Strip gaming was off 28 percent to $63 million; Mesquite dropped 12.6 percent to $9 million and the balance of Clark County casinos declined 20.8 percent to $87.7 million.
September was the 22nd consecutive month of decline in Laughlin and the 16th straight month of a decline in downtown Las Vegas.
Strip casinos, which account for 53 percent of the state’s gaming win, saw winnings on the craps tables rose 44.9 percent; roulette was up 34.8 percent and the baccarat gain was 30.4 percent. The sports pool jumped 23.4 percent.
Bill Bible, president of the Nevada Resort Association, said it was a bad month on the Strip but it could have been worse without the increase in baccarat. “Baccarat shored up the loss from the slots,” Bible said.
But winnings on the 21 game dropped 26 percent. It was the 17th straight month that 21 gross win has declined. And Keno was off 20.2 percent.
In slot machines, only the penny units on the Strip showed an increase in gross win, up 1.3 percent. Biggest declines were in the five cent slots, down 47.1 percent; the $25 slot, down 37.7 percent and the quarter machines off 33.7 percent.
Bible said the performance in the gaming industry reflects the national, global and state’s economic troubles. It’s not a good time for an industry that relies on discretionary spending, he said.
Washoe County casinos reported $72.1 million in win, down 6.3 percent; South Lake Tahoe was off 10.8 percent to $21.8 percent; Elko County casinos fell seven percent to $22.3 million and Carson Valley clubs reported $8.1 million in gross win, down 3.9 percent.
The board said the casinos paid $54.2 million in taxes, down 14.5 percent from the same month of a year ago. And for the first four months of this fiscal year, tax collections are off 9.7 percent.
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so how's that tax break for the rich guys working out. pretty soon we'll be flooding mexico to look for a job. no good jobs, rich people have us divided on STUPID issues. glad i'm 63 instead of 23. we've sold ourselves out for some cheap walmart junk.
hey they still made half a billion
All they will continue to do is tighten up the machines more, and increase the odds in the table games in their favor to sweeten up these percentages, and screw the players even more !
i really can't believe that people still sit in front of slot machine and throw their money away.
how about instead of taxing "rich" people, you liberals stop gambling and you can afford your own health insurance.
every time you vote democrat, you raise unemployment.
@stevem -
"i really can't believe that people still sit in front of slot machine and throw their money away."
____
It's really the empirical validation of Skinner's theory of Operant Conditioning -- the variable interval / variable ratio reinforcement schedule. The lab rat never knows when it's gonna get the pellet (or how many), so it "learns" in the quickest and most durable manner to keep pressing the bar.
LOL!
I see this issue as plain old GREED! The casino companies know what to do to increase the attractiveness of gambling in their properties, however they would rather let the business go into bankruptcy, rather than to do what is necessary by bringing back the value offering to gaming.
stevem : I see absolutely no difference between the Democrat and Republican parties, there is however a BIG difference between rich and poor, and an economy thats in the crapper because of the decisions made by elected members of BOTH parties..
BobbyG - Unreal point! One of the best things I have EVER read in any Las Vegas publication. Thank you and please keep posting.
Isn't that a positive spin
Positive spin is exactly right. Seeing the smallest win decline in 17 months is like being on The Titanic and being happy that instead of sinking at 3pm-you're sinking at 5pm.
@test12 -
Thanks.
I used to tell my "critical thinking" class at UNLV "go down to the Strip, look up. They didn't build all that stuff by gambling THEIR money. Two words: 'House Wins'..."
How could it be otherwise?
Similarly, operant conditioning explains fishing, and that one golf shot every now and then that keeps bringing you back to that absurdly expensive game.
While I know the Cognitivists have kicked the Behaviorists down the stairs at Harvard into the basement, still, Skinner et al got this part right.
(And, of course, the emergent new discipline of "neuroeconomics" is about to relegate the more abstract theories of "cognitivism" to the rail siding, LOL! Behaviorism redux on steroids, brought to us by the dynamic MRI.)
Ok BobbyG put away the Psychology 101 textbook !
@environprotector -
LOL!
They haven't even heard about neuroeconomics in the Psych 101 texts. And, I don't need to refer to them anyway.
It's just true. Gaming behavior is irrational, and can largely be explained in Skinnerian terms.
YOU GOTTA READ THIS ONE (TODAY'S SUN BACK PAGE):
Macau's gambling industry faces nightmare of water rationing
(via London Times) November 10, 2009 4:19 PM
Macau, Asia's foremost den of neon-soaked excess and sleazy glamour, has expanded to the brink of catastrophe and may be forced to ration drinking water as reservoirs run dry.
Indeed, to the horror of big casino operators, there are signs that non-essential supplies may be cut off as early as this weekend as authorities struggle to keep non-toxic water flowing through the taps.
__
Right here:
http://www.lasvegassun.com/blogs/elsewhe...
don't get too excited, vegas.
check out this article about gambling in the saint louis area. it's up 10%!!!
http://www.stltoday.com/stltoday/busines...